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TMI Blog1999 (5) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... spose of both the applications by this common judgment/order. 2. Pursuant to the disputes arising between the parties, the same were referred to the Arbitral Tribunal. Admittedly, the aforesaid arbitration proceedings were governed by the provisions of the Arbitration and Conciliation Act. The Arbitral Tribunal received evidence and thereafter passed the award on 31-12-1997 awarding a sum of US $ 1,04,000 in favour of the applicant and against the respondent with interest @ 9 per cent per annum from 27-12-1995 till the date of payment or decree, whichever is earlier. In respect of the other arbitration proceedings which are the subject-matter of Execution Application No. 129 of 1998, the Arbitral Tribunal awarded a sum of US $ 88,250 in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question are to be treated as decree with effect from 31-3-1998 i.e. after expiry of the statutory period as per section 34. The counsel also relied upon the contents of the awards of the Arbitral Tribunal stating that interest @ 9 per cent shall be payable till the date of payment or when a decree is passed whichever is earlier. 4. Although the awards were passed on 31-12-1997, admittedly payment in terms of the said awards have not been made to the applicant till date. It is stated that since the awards envisage payment to the applicant in US dollars, permission shall have to be obtained from the Reserve Bank of India before such payment could be made to the applicant in foreign currency and so long that permission is not obtained, the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment for passing of the decree by the court whichever is earlier." 6. A perusal of the contents of the awards of the Arbitral Tribunal makes it crystal clear that the award with regard to payment of interest was made by the Arbitral Tribunal treating the case to be one under the old Arbitration Act for only under the old Arbitration Act there was provision for making the award a rule of the court and passing of a decree by the court. The language used by the Arbitral Tribunal in the aforesaid part of the awards in the arbitration proceedings makes it crystal clear that the Arbitral Tribunal proceeded to make orders regarding payments of interest treating it to be a case under the old Arbitration Act for the old Arbitration Act also provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of request and the said interpretation shall form part of the arbitral award. No such request was made by the applicant although the said remedy was available to the applicant. It is the settled position of law that the executing court has the power and jurisdiction to interpret a decree if the same is found to be vague and uncertain. In this connection, reference may be made to a decision of Supreme Court in Topan Mal Chota Mal v. Kundo Mal Ganga Mal AIR 1960 SC 388 wherein it was held by the Supreme Court that in other to give full effect to the contents of the decree, the court may interpret the decree in order to give full effect to the said decree. However, a specific provision has been incorporated in the new Arbitration and Concili ..... X X X X Extracts X X X X X X X X Extracts X X X X
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